Seaport: Non-gaming to make up 15% of Macau revenues by 2024
Macau’s diversification efforts show a positive impact, with non-gaming sectors expected to contribute 15% of concessionaire revenues by 2024. According to Seaport Research Partners analyst Vitaly Umansky, Macau’s GGR is forecast to reach US$28.7 billion this year, a 26.1% increase year-on-year, with non-gaming rising to US$4.9 billion, up 17.7%. This growth is driven by concessionaires’ investments in non-gaming initiatives mandated under their current contracts.
Looking ahead, Umansky predicts GGR to rise to US$31.8 billion in 2025, with non-gaming increasing to US$5.3 billion, albeit slightly reducing its share to around 14%.
Property EBITDA for the industry is projected to increase by 24.8% in 2024 and 15.5% in 2025.
On the gaming front, Macau’s GGR is expected to surpass 80% of pre-COVID levels in Q3 2024 and reach 83.3% in Q4, signaling momentum in Asia’s gaming hub in the latter half of the year.
Despite a subdued Q2 due to June’s performance, the market anticipates a robust second half, with Q3 and Q4 GGR recovering to 80.6% and 83.3% of 2019 levels, respectively. December is forecast to see a 5.5% quarter-on-quarter GGR rise and a 6.5% EBITDA increase.
Umansky affirms Macau’s status as a long-term growth market, driven by steady demand from the core customer base and its role as the primary gaming hub for Greater China.
Original Story by: IAG
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